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Financial Services
Term | Definition |
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A financial Service Provider | An organisation that offers money-related services to customers. |
Commercial Bank | is an example of a financial service provider |
A Current Account | An account used for day to day transactions |
Direct debit | An agreement between the bank and the account holder that allows a variable amount of money to be taken from the account holder’s account to pay a bill at regular times |
Standing order | An instruction to the bank to pay a fixed amount of money on a fixed date to someone else’s account, usually over a number of years. |
Debit card | Allows the current account holder to access money from their current account wherever they are in the world: in shops, at ATMs and online. |
An overdraft | Permission to withdraw more money from a current account than is in the account up to an agreed limit. Interest is charged on the amount overdrawn. |
Credit Card | This card gives the holder the option to borrow funds to pay for goods and services up to an agreed limit. The balance can be paid off at once or bit by bit |
Exchange rate | This is the price of one currency expressed in terms of another currency. |
Cheque | A written instruction to a bank to pay an amount of money. |
Credit Union | A financial service provider owned by the people who save with and borrow from it (its members) |
An Post | A state sponsored body that provides financial services to customers |
The Central Bank of Ireland | Regulates financial service providers-they look after the interests of financial service consumers in Ireland |
Online banking | The management of finances using the internet |